• Consumer ABS deal flow strengthens as Vegas bash nears

    It was another busy week for the consumer ABS market, with 10 deals pricing and seven more in the pipeline expecting to be priced next week. The handful of transactions brought year to date volume to $33.98bn, not far from the $34.5bn priced this time last year.

    • 15 Feb 2019
  • Controversial FHFA nominee calls for GSE recap and end to duopoly

    Mark Calabria, economist and adviser to the vice-president, sat before the Senate Banking Committee on Thursday in an official confirmation hearing to become director of the Federal Housing Finance Agency (FHFA), the chief regulator of the US housing finance system.

    • 14 Feb 2019
  • People moves in brief

    Santander hires European ABS trading head – Créd Ag shuffles CIB – Liquidnet appoints president

    • 14 Feb 2019
  • Shift to 144A could result in less liquid consumer ABS market

    Consumer ABS issuance has been shifting gradually from publicly registered offerings to 114A private placements since 2014, according to Wells Fargo research published this week. The change in distribution could mean less demand for ABS from investors that need larger, liquid public deals.

    • 14 Feb 2019
  • Greene King barrel tapped for £250m

    Greene King is planning to tap its Greene King Finance ‘pub securitization’ by issuing £250m of fixed rate notes following a three day roadshow that kicked off on Wednesday.

    • 14 Feb 2019
  • Barclays hires CLO strategist to London team

    Barclays has hired Geoffrey Horton as a CLO and loan strategist in London.

    • 14 Feb 2019
  • Goldman goes overweight on triple-A CLOs

    Goldman Sachs economist Marty Young recommended in a note on Tuesday that investors go overweight on triple-A CLO debt as spreads have not fully retraced versus comparable investment grade credit products.

    • 13 Feb 2019
  • Santander hires new head of European ABS trading

    Colm Corcoran has been hired as head of European ABS trading at Santander Global Corporate Banking.

    • 13 Feb 2019
  • Auto loans surge but performance weakening

    Outstanding auto loans totalled $584bn in 2018, the highest in 19 years, according to the Federal Reserve, and though the share originated to subprime borrowers has fallen, rising delinquency rates are a cause for concern.

    • 13 Feb 2019
  • EBA warns against 'looking for loopholes' in STS

    Principal policy adviser for the European Banking Authority (EBA) Christian Moor cautioned securitization market participants against "looking for loopholes" in the ‘"simple, transparent and standardised" (STS) regulation and predicted a "negative impact for the whole sector" if opportunistic behaviour is seen.

    • 13 Feb 2019
  • CLO lobby returns from Tokyo with hope for retention workaround

    Representatives from the Loan Syndication and Trading Association (LSTA) and the CLO manager community returned from Japan this week following meetings with the Japanese Financial Services Agency, where they made a case for exempting broadly syndicated loan (BSL) CLOs from proposed risk retention rules.

    • 12 Feb 2019
  • Green knowledge is not an efficient market

    Biofuels have swollen thanks to policies to combat climate change — even though often, they do not help the problem and can make it worse. This is a shocking record, born of ignorance, both accidental and wilful.

    • 12 Feb 2019
  • Norinchukin’s dominance is bad for the CLO market

    The CLO market in Europe is off to a solid start for the year, despite the complaints of managers and arrangers alike that conditions are tougher than they have been for years. But look closer, and it seems worryingly narrow, with one investor dominating the top of the capital structure. That might be helping deals get done, but it is far from healthy.

    • 12 Feb 2019
  • Apollo sub Redding Ridge issues first euro CLO

    Apollo Global Management subsidiary Redding Ridge is in the market with its debut euro CLO arranged by BNP Paribas, out with price guidance for the deal on Tuesday.

    • 12 Feb 2019
  • Spanish RMBS braces for mortgage law impact

    The Spanish RMBS sector is bracing itself for the impact of legislators’ push to compensate borrowers for early foreclosure periods.

    • 12 Feb 2019
  • Clifden boss Rizwan Hussain declared insolvent

    Rizwan Hussain, the controversial figure who runs investment vehicle Clifden Isle of Man No 1, has been declared insolvent, according to UK court records, even while a separate investment vehicle he controls, Greencoat Investments Ltd, is in the market trying to take control of pre-crisis securitization from the Business Mortgage Finance series. The insolvency isn’t Hussain’s only trouble, GlobalCapital understands, with at least one investment bank having reported him to the regulator over a previous tender for UK RMBS notes.

    • 12 Feb 2019
  • Fed flags student debt as barrier to homeownership

    Growing student loan debt has long been blamed for the lower rates of homeownership among younger Americans, and recent reports from the Federal Reserve back this up, showing that student loan debt has dented the housing market and eroded consumer financial health broadly.

    • 11 Feb 2019
  • US CMBS market grinds tighter after quiet January

    The US CMBS sector is off to a strong start in February following a slower than usual opening to the year, with issuers enjoying heavy oversubscription levels and tight spreads for deals in the market at the start of the week.

    • 11 Feb 2019
  • NoChu run ends as Spire prices Aurium V CLO

    Spire Partners launched syndication on Aurium CLO V through Bank of America Merrill Lynch this week, the first euro CLO this year to be priced without an anchor from Norinchukin Bank. The senior notes were printed at 114bp, 6bp wider than the Japanese buyer’s recent commitments.

    • 11 Feb 2019
  • BlueMountain CLO prices as ABS pipeline opens up

    A €360.25m CLO from BlueMountain Capital, BlueMountain Fuji Eur CLO IV, was priced on Monday with the senior notes coming in at 108bps over three month Euribor, continuing the run at that level for all new CLOs to be sold so far this year.

    • 11 Feb 2019
  • ECB developing blockchain platform to shift NPLs

    The European Central Bank (ECB) is looking to set up its own blockchain platform in collaboration with the Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria (Sarreb) in order to shift European non-performing loans (NPLs).

    • 08 Feb 2019
  • American Express triples size of latest ABS offering

    American Express completed their first transaction of the year, bumping up the size of the deal significantly from $521.4m to $1.56bn, making it the credit card company's biggest deal since October 2017.

    • 07 Feb 2019
  • Raters, investors ‘should cooperate’ on ESG

    Rating agencies and investors are realising they have more in common than they thought when it comes to environmental, social and governance (ESG) factors. And they are more inclined now to work together than find fault.

    • 07 Feb 2019
  • Synthetic securitizations must wait for STS blessing

    Significant risk transfer (SRT) issuers are concerned that they may have to wait until as late as 2021 for their deals to become eligible for the European ‘simple, transparent and standardised’ (STS) securitization designation, following comments at the Association for Financial Markets in Europe's Spanish Funding Conference in Madrid on Thursday.

    • 07 Feb 2019
  • PE firms dump UK mortgage risk as Brexit nears

    Major private equity firms, including Blackstone, CarVal, Cerberus and TPG, are selling control rights to the giant UK mortgage portfolios they bought three or four years ago, rather than waiting to call and refinance the deals. Is the rush to the exits a sign of Brexit trouble to come, or a way to make space for a bigger prize in the shape of the final mortgage sales from UK government crisis-era rescues? Owen Sanderson investigates.

    • 07 Feb 2019
  • Investors take $6.9bn of new ABS deals in stride

    Nine consumer ABS deals totalling $6.9bn were priced through midweek — auto deals dominated the deal flow, with three prime auto loans, two subprime loans and one rental loan deal being priced.

    • 06 Feb 2019
  • US government chides Pimco as UMBS debate reaches fever pitch

    Announced back in 2011 and with a looming deadline in June, the debut of the uniform mortgage backed security (UMBS) has often been described as the most substantial reform to the US housing market in decades. But it has not been without its fair share of critics, including some money managers who still see virtues in two separately priced markets.

    • 06 Feb 2019
  • Bloomberg’s Sonia modelling could be slowing ABS switch

    The UK RMBS market’s switch to Sonia-based funding from sterling Libor is being slowed by data company Bloomberg’s modelling facilities, according to several market sources.

    • 06 Feb 2019
  • Navient, Sofi line up in busy start for consumer ABS

    Supply in the consumer ABS sector remains robust going into February as Navient and SoFi prepare offerings.

    • 05 Feb 2019
  • Dollars set to deliver for Lanark despite STS absence

    The inclusion of a dollar tranche and the relatively small size on offer should lead to a strong result for Lanark 2019-1, the first public consumer new issue in European securitization this year, despite originator Clydesdale Bank opting not to use the new ‘simple, transparent and standardised’ regulation, as outlined by European Banking Authority (EBA). The spread level, roughly twice that of the last Lanark issue, should also help it fly.

    • 05 Feb 2019
  • Norinchukin deadlines said to push CLO mezz wider

    Japanese anchor investor Norinchukin is directing issuers to print new issue euro CLOs within a week, according to market sources, leading to pressure on syndicate desks to place the mezzanine, weaker spreads — and tougher times for equity investors.

    • 05 Feb 2019
  • Former head of Lloyds loan markets moves on

    Lloyds Bank's former head of loan markets, who subsequently became its global head of industrials and manufacturing, has left the bank.

    • 05 Feb 2019
  • Morgan Lewis adds to structured finance practice

    Law firm Morgan, Lewis & Bockius announced on Friday that it had added Paul St. Lawrence, an attorney with expertise in collateralized loan obligations, as a partner in its Washington, DC practice.

    • 04 Feb 2019
  • Vauxhall taps private market for sterling ABS

    Opel Vauxhall raised £526.35m of three year funding through a privately placed UK auto ABS on Friday, as nervousness about Brexit and UK consumer credit took public market execution off the table.

    • 04 Feb 2019
  • Bond king retires after a pauper’s year

    Portfolio manager Bill Gross, regarded as a legend of the fixed income investment world, announced his retirement on Monday, after a torrid year for the global unconstrained bond fund he managed at Janus Henderson Investors.

    • 04 Feb 2019
  • Low supply drives first 2019 conduit CMBS tighter

    Issuers priced the first two conduit CMBS offerings of the year on Friday afternoon, placing the benchmark triple-A notes at considerably tighter levels compared to the last deal of 2018.

    • 01 Feb 2019
  • Senate Banking Committee chair releases radical GSE reform blueprint

    Senate Banking Committee Chairman Mike Crapo (R-Idaho) released an outline for housing finance reform legislation on Friday that would see an expanded role for Ginnie Mae and entirely spin off Fannie Mae and Freddie Mac’s multifamily businesses.

    • 01 Feb 2019
  • Carlyle, GSO price back to back euro CLOs

    The Carlyle Group and GSO Debt Funds Management both priced new European CLOs on Friday, selling the senior bonds at 108bps over Euribor, a strong sign for the euro CLO space as it clears the January hurdle.

    • 01 Feb 2019
  • Green bond players size up chances of 2019 growth

    Green bond watchers are putting out their forecasts for issuance this year, hoping for a return to growth after a disappointing 2018. The year has started decently, with at least $6bn issued so far, including this week’s debut issue from Telefónica, hailed as the first from the telecoms sector.

    • 01 Feb 2019

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,951.14 12 13.89%
2 Citi 7,280.23 9 10.16%
3 HSBC 5,813.76 5 8.12%
4 BNP Paribas 5,802.58 8 8.10%
5 Barclays 5,746.99 7 8.02%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,140.46 20 12.14%
2 JPMorgan 8,485.94 17 11.27%
3 Barclays 7,215.80 13 9.59%
4 Bank of America Merrill Lynch 5,863.94 19 7.79%
5 HSBC 5,764.61 9 7.66%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,490.59 23 10.81%
2 Credit Agricole CIB 13,234.00 19 9.24%
3 HSBC 11,041.26 21 7.70%
4 Goldman Sachs 10,202.29 12 7.12%
5 Barclays 10,190.11 13 7.11%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 25,051.88 71 8.78%
2 Barclays 21,533.79 49 7.55%
3 HSBC 20,527.83 55 7.20%
4 Citi 19,220.14 43 6.74%
5 Bank of America Merrill Lynch 16,931.81 46 5.94%